Silverstone agrees British GP deal 07/12/2009 |
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Silverstone has agreed a 17-year deal to host the British Grand Prix that finally secures the race’s future after months of wrangling.
The Northamptonshire circuit, which first hosted a grand prix in 1948, looked to have lost the race when Donington Park was handed a 17-year contract to stage the event from next year.
But Donington could not raise the funds for substantial track redevelopment, giving Silverstone the chance to agree a long-term deal.
The British Racing Drivers’ Club, which owns the circuit, and Formula One commercial rights holder Bernie Ecclestone have been locked in talks about the length of the deal and various financial clauses, with Ecclestone insisting that the race would be lost if an agreement could not be reached by December 9.
Silverstone will be redeveloped as part of the new contract, with a new pit lane and paddock due to be built.
Silverstone managing director Richard Phillips said: “We’ve always had five-year deals and have never been able to get the investment we needed to redevelop. But 17 years gives us the ability to invest and move forward.
“We’ve always had the belief that the British Grand Prix was an important cornerstone of Formula One but, with Bernie, you’re never quite sure. At the end of the day, though, you have to have a British Grand Prix.”
It was announced that there is a clause in the contract that allows either side to terminate the deal after 10 years.
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